Piper Sandler has reaffirmed its positive stance on I-Mab (NASDAQ: IMAB), maintaining an Overweight rating and an $8.00 price target for the company's stock.
The endorsement follows the presentation of updated data at the European Society for Medical Oncology (ESMO) regarding I-Mab's drug candidate, givastomig.
The updated findings from the Phase I monotherapy dose-escalation and expansion study in patients with CLDN18.2 positive gastric, esophageal, and gastroesophageal junction (GEJ) cancers, build upon last year's initial data.
According to the firm, givastomig demonstrated modest monotherapy activity in the late-line setting and a very favorable safety profile, particularly when compared to other CLDN18.2 targeting programs.
The safety aspect of givastomig is highlighted by the low rates of gastrointestinal-related events and grade 3 elevated liver function tests, which are considered related to the 4-1BB component of the bispecific treatment. This safety profile is seen as a key differentiator for the drug candidate.
Looking ahead, Piper Sandler anticipates that givastomig will be well-positioned as it progresses into combination trials with chemotherapy and immunotherapy in the frontline treatment setting. Initial data from these combination trials are expected in the second half of 2025.
In other recent news, I-Mab has unveiled Phase 1 data for uliledlimab, a potential treatment for metastatic non-small cell lung cancer.
The company's Chief Medical Officer, Phillip Dennis, affirmed the drug's potential as a leading CD73 inhibitor, with the data guiding dose selection for upcoming studies. This includes a randomized Phase 2 trial with pembrolizumab and chemotherapy slated for the first half of 2025.
In further developments, I-Mab disclosed significant updates on its financial health and drug development progress during an earnings call.
The company announced a focus on three oncology programs, with uliledlimab as the leading candidate. It plans to initiate a frontline combination study for uliledlimab in the first half of 2025.
I-Mab has undergone a restructuring, including the divestiture of its operations in China, resulting in a new U.S.-based leadership team. As of mid-2024, the company's cash balance was reported at $207.5 million, with reserves expected to support operations until 2027. The company has also received FDA clearance for a combination study of uliledlimab with pembrolizumab and chemotherapy, underscoring its strategic focus on advancing cancer immunotherapy.
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